MSc Actuarial Science and Management

Overview

Actuaries are professionals with expertise in risk management and this is usually applied in the world of insurance. Our MSc in Actuarial Science and Management takes you through the required exams almost to the point of qualification with the Institute and Faculty of Actuaries (IFoA) in the UK.

The degree is two years long and covers mathematical subjects in the first year and application of those mathematical subjects in the second year.

In addition, in the second year it is also possible to take courses in machine learning.

Actuaries work in the areas life insurance, general insurance, pensions, investment and banking mostly, but also more widely in fund management companies, hedge funds, consultancies, software vendors and regulatory authorities.

The career is fun in that you are regularly applying your mathematical skills to solve problems and predict the future.

Salaries are typically high (a newly qualified actuary in the UK usually earns between £50,000 and £60,000 each year) and the work-life balance is excellent.

Tailored for success as an Actuary

This programme has been uniquely designed to offer a blend of technical mastery, business acumen, and communication skills essential for a successful actuarial career.

Developed in collaboration with industry leaders, it ensures the acquisition of sought-after skills, setting you apart in interviews and excelling in real-world tasks.

Gain a competitive edge with an intensified focus on software tools like Excel and R, and experience enriched learning through 'value-added' components, emphasizing teamwork and communication.

Accreditation

The Institute and Faculty of Actuaries (IFoA) in the UK sets exam-based entry requirements in order to qualify as a Fellow of the Institute and Faculty of Actuaries and so become an actuarial professional.

The MSc in Actuarial Science and Management is fully accredited with the IFoA which means that the subjects you study on our program lead to exemptions from the corresponding subjects with the IFoA.

In year one of the programme you study courses that correspond with exemptions from IFoA subject codes: CB1, CB2, CM1, CM2, CS1 and CS2.

In year two of the programme you study your choice of courses that correspond with exemptions from IFoA subject codes: CP1, CP2, CP3, SP2, SP4, SP5, SP6 and SP9.  Typically students choose courses linking to subjects CP1, CP2 and CP3 and also three of the "SP" subjects.  (However, only two "SP" subjects are actually required by the IFoA.)

Alternatively, in the second year, one of the "SP" subjects can be replaced by courses in Machine Learning for Risk and Insurance.  Although not an IFoA exemption subject, machine learning is being increasingly applied by actuaries and is a growth area in the future.

Courses linked to IFoA subject code SP9 also gain you the internationally recognised Certified Enterprise Risk Actuary (CERA) qualification.

Why Study at Heriot-Watt?

Heriot-Watt University was the first in the UK to offer a degree in actuarial science.  We have been leading the way in the UK ever since and built a wonderful teaching team of world renowned academics and experienced industry professionals.  Each year we enable between 100 and 200 students to gain exemptions from actuarial subjects.  We also understand that you need to be ready for the business world and able to interview well.  We develop these softer skills too, and develop your ethics, so you will become an excellent capable professional.

Heriot-Watt University is the only Centre of Actuarial Excellence (as recognised by the society of actuaries (SOA) – North America) in Europe.

We excel in student surveys (this mostly relates to teaching quality) and our research output is world class. 

Why choose Edinburgh?

Edinburgh is a wonderful city close to the sea in Scotland in the United Kingdom.  Heriot-Watt Edinburgh campus is established just to the west of the city in a beautiful green space.  Transport links into the city centre are regular and travel by bus takes thirty minutes – and so you can choose the mix of city and campus life that you like best. 

Edinburgh is the financial heart of Scotland and many such companies are based there.  It is also a centre of arts and culture, with the famous Edinburgh International Festival taking place in August each year.

It is built on seven hills, and views regularly emerge and surprise as you walk the cobbled streets in the old town, or explore the beautiful sandstone buildings in the new town.  Edinburgh Castle rises high in the centre of Edinburgh and is a big attraction for tourists.

Access to all other cities in the UK is straightforward, with fast travel to London for instance taking only 4 hours.

September 2024 entry

The deadline for applications from UK students is 30 August 2024. For EU and overseas applicants, we guarantee to consider applications submitted by 2 August 2024.